Posted on: 12th Oct, 2008 11:05 am
I am 64 and my wife 44 years old. If she transfer her ownership rights of our house to me in entirety, so becoming myself sole owner of the house, then can I apply myself for a reverse mortgage, as long as my wife is not owner anymore?
What is the solution in this case ?
What is the solution in this case ?
Hi fanitei!
Welcome to Forums!
Yes, once the property is in your name, then you can definitely apply for a reverse mortgage. Your wife can transfer the ownerships rights to you with help of a quitclaim deed.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Yes, once the property is in your name, then you can definitely apply for a reverse mortgage. Your wife can transfer the ownerships rights to you with help of a quitclaim deed.
Feel free to ask if you have further queries.
Sussane
Before you go that route do you have enough equity in the home to qualify for a reverse? At your Young age you will to only owe between 30-40% of the homes value to qualify.
Good Luck
Brian
Good Luck
Brian
